The currency substitution and indexation infrastructure that has prevailed in Israel for over five decades had its inception before the onset of a major inflationary episode and included only minor and short-lived incidents of outright dollarisation. The present paper suggests that portfolio...

This paper provides a framework for the early assessment of current U.S. nominal GDP growth, which has been considered a potential new monetary policy target. The nowcasts are computed using the exact amount of information that policy-makers have available at the time predictions are made....

This paper compares the different dynamics of the simple sum monetary aggregates and the Divisia monetary aggregate indexes over time, over the business cycle, and across high and low inflation and interest rate phases. Although traditional comparisons of the series sometimes suggest that simple...